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Gold crosses Rs 20 k level on festive buying

Gold breached the crucial Rs 20,000 per ten grams level in the national capital today, on frantic buying for the ongoing festivals.

business Updated: Oct 15, 2010 13:49 IST

Gold breached the crucial Rs 20,000 per ten grams level in the national capital on Friday, on frantic buying for the ongoing festivals.

While the gold spurted by Rs 175 to an all-time high of Rs 20,120 per ten grams, silver jumped up by Rs 1,200 to Rs 37,000 per kg, a level never seen before.

Buying activity in the precious metals picked up for the ongoing festivals of 'Navratras,' an auspicious week in Hindu mythology for buying new things.

The trading sentiment further bolstered on reports of a firming trend in overseas markets, as investors rushed to look for an alternate investment over concerns about slowing global economic recovery.

Gold climbed to a record levels near USD 1,388 an ounce and silver extended its 30-year high rally as a weaker dollar spurred demand for safe alternative investments.

The gold in international markets spurted to near USD 1,388 dollar an ounce in overseas markets as dollar fell to a 15-year low against yen. Silver rose by 3.9 per cent to USD 24.92 an ounce in London, the highest price since March 1980.

On domestic front, the gold for 99.9 and 99.5 per cent purity rose by Rs 175 each at Rs 20,120 and Rs 20,020 per ten grams respectively. Sovereign also rose by Rs 100 to Rs 15,750 per piece of eight gram.

Silver ready spurted by Rs 1,200 to Rs 3,7000 per kg and weekly-based delivery by Rs 1,410 to Rs 3,6560 per kg. Silver coins followed suit and gained Rs 300 to Rs 3,6100 for buying and Rs 26,200 for selling of 100 pieces.